Following the notable 73% increase on July 13th, the value of the XRP coin experiences a sharp adjustment phase. However, the corrective section is stronger as a result of the cool-off rally that comes after the worth increase. The decline is made worse by the ongoing market-wide correction.
The correction rally weakens the bull run of the partial win towards the SEC with a 28.85% loss over the last 28 days. The intraday trading volume increases in tandem with the decline signifying a marketing frenzy.
With a three.90% loss on August 15, the bullish attempt to carry the correction rally above the 50-day EMA fails. The breakdown starts a new correction segment and accounts for the 7.90% fall in the value of the Ripple market since then.
The daily candle displays a doji candle formation with a decrease of 0.81%, but the strong selling pressure foreshadows a longer downturn.
Regarding the technical indicators, the daily chart clearly shows a bearish impact. The negative histograms restart, as seen by the MACD indicator, preventing the traces from providing a bullish crossover. The RSI line is still dipping towards the oversold line in the interim.
Will XRP Rise To $1 Again?
The value of the XRP currency may find some opportunities for a reversal after taking into account the altcoins market’s positive restoration indicators. The next probable reversal point for Ripple is located in the $0.53–$0.54 demand range, which also happens to coincide with the 78.60% Fibonacci stage and is not far from the 200-day EMA.
Ideally, if the XRP costs rise again over $0.65, the reversal rally can again attack the $0.84 resistance level to reach $1.
On the other hand, a more disastrous correction will be highlighted by a decline that continues under the 200-day EMA. The following assistance levels are at $0.45 and $0.41.
